November 6, 2018 / 5:11 PM / 9 months ago

AXA's Q3 revenue growth offsets decline in first half

PARIS, Nov 6 (Reuters) - French insurer AXA on Tuesday said its overall revenue growth in the third quarter offset a decline in the first half of the year, helped by solid growth in France and Europe.

The company said overall revenue rose 0.6 percent on year to 75.8 billion euros ($86.47 billion). Over the first half of the year revenue had dipped 1 percent.

Excluding the effects of adverse currency swings, revenue over the nine months were up 3.7 percent, the company said. A weaker dollar made revenues from its U.S. businesses appear lower when translated into euros, it added.

“Growth has accelerated in third quarter,” Chief Financial Officer Gerald Harlin told reporters in a conference call.

He stressed that growth was particularly good in France and in Europe and said revenues in all five regions and business units were up when excluding currency effects.

The results are a boon for AXA, which is in the process of merging with recently-acquired Bermunda-based insurer XL.

The French insurer, the second largest in Europe after Germany’s Allianz, is due to report annual profits in February.

$1 = 0.8766 euros Reporting by Inti Landauro; editing by Richard Lough

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